Starwood Reports Third Quarter 2011 Results
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Starwood Reports Third Quarter 2011 Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-10-28
Starwood Hotels & Resorts Worldwide, Inc.
(NYSE: HOT) today reported third quarter 2011 financial results.
Excluding special items, EPS from continuing operations was $0.60, including a
benefit of approximately $0.18 primarily from the favorable settlement of an IRS
audit. Including special items, which primarily relate to a gain on an asset exchange
transaction, EPS from continuing operations was $0.85.
Third Quarter 2011 Highlights
Adjusted EBITDA was $241 million, up approximately 18% compared to 2010.
Excluding special items, income from continuing operations was $118 million,
including a tax benefit of $35 million primarily from the favorable settlement of an
IRS audit. Including special items, income from continuing operations was $165
million, including $47 million primarily related to a gain on an asset exchange
transaction.
Worldwide System-wide REVPAR for Same-Store Hotels increased 11.6% (7.4% in
constant dollars) compared to 2010. System-wide REVPAR for Same-Store Hotels
in North America increased 8.8% (7.8% in constant dollars).
Management fees, franchise fees and other income increased 16.8% compared to
2010.
Worldwide Same-Store company-operated gross operating profit margins increased
approximately 140 basis points compared to 2010. Gross operating profits were
negatively impacted by events in the Middle East, North Africa and Japan.
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased
16.2% (9.2% in constant dollars) compared to 2010.
Margins at Starwood branded Same-Store Owned Hotels Worldwide increased
approximately 265 basis points compared to 2010.
Earnings from our vacation ownership and residential business was approximately
flat compared to 2010.
During the quarter, the Company signed 24 hotel management and franchise
contracts representing approximately 6,300 rooms and opened 19 hotels and
resorts with approximately 4,900 rooms.
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